Went through this a year ago. You are going to run into a lot of problems. Like you, I was not prepared to buy a house due to circumstances. Despite having nearly five years under my belt, I did not file taxes in a way that showed a suitable “on paper” income to qualify for a traditional loan, this started me down the path of doing a bank statement loan, but even this method requires two years of bank statements. The lender was going to take all of my deposits and qualify 50% as income, which would have given me more than enough to qualify, but at an absolutely atrocious rate of 6-7%

My plan was to do this until after the new year so that I could qualify for a traditional loan after filing my ‘19 taxes and refinance out of the bank statement loan.

Long story short, a loan processor at the lending office committed fraud and forged one of my documents (a CPA letter), and this caused my loan to be denied. It was crazy. The processor changes my CPA letter to add info that I had been self employed for at least two years and owned 100% of my company; information that was true and really did not need to be fraudulently added.

The sellers ended up feeling so bad for me that even after nearly two months past our original closing date, they held on and helped arrange a lease to buy deal for me through a private lender. The sellers even let me move in before any of this new deal was finalized, because through all of this I racked up a $5000+ Uhaul bill. This worked out and bought me enough time to do my ‘19 taxes and finally qualify for a traditional loan.

Long story short, it worked out in the end but not without the most stressful experience I’ve ever endured, and that was with nearly 5 years of successful self employment under my belt.

Good luck to you.